CRA: New Tax Forms

This is the time of year when it's important to take note of new tax filing forms from CRA and then what happens when taxpayers can't pay after filing their returns. Released over the past week are several important publications for those who owe money to CRA, those preparing farm returns and reporting partnership income:

• Publication T4003 Farming Income 2009, information for individuals earning farming income as self-employed farmers or as partners in a farm partnership.

• A new form T2042  with the title Statement of Farming Activities is located at http://www.cra-arc.gc.ca/E/pbg/tf/t2042/t2042-09e.pdf

• Partnership Filing: T5013 Statement of Partnership Income, the information slip for the authorized members of a partnership is used to report to each partner their share of income for the fiscal period that the partner has to report on the appropriate income tax return for the year. Also: T5013SCH52 Summary Information for Partnerships that Allocated Renounced Resource Expenses to their Members: Note that the 2006 T4068 guide will not be revised for the 2009 tax year. However, all partnership forms are being revised for 2009 and will be available in print near the beginning of March 2010. Tax practitioners are advised to use the information in the supplemental guide T4068-1, 2009 Supplement to the 2006 T4068 ñ Guide for the T5013 Partnership Information Return, to file the partnership information return for the 2009 tax year.